Goodwill and Other Intangible Assets

4 Months Ended

Apr. 23, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

. GOODWILL AND OTHER INTANGIBLE ASSETS

The table below summarizes our goodwill and other intangible assets at April 23, 2022 and January 1, 2022, respectively, each of which is explained in additional detail below (amounts in thousands):


	April 23, 2022		January 1, 2022
Goodwill	$	545,244	$	545,244
Amortizable intangible assets, net		558,719		568,332
Indefinite-lived intangible assets		127,100		127,100
Total goodwill and other intangible assets	$	1,231,063	$	1,240,676

As of April 23, 2022 and January 1, 2022, respectively, the company had the following amounts related to amortizable intangible assets (amounts in thousands):


	April 23, 2022						January 1, 2022
Asset	Cost		Accumulated Amortization		Net Value		Cost		Accumulated Amortization		Net Value
Trademarks	$	477,115	$	82,628	$	394,487	$	477,115	$	78,124	$	398,991
Customer relationships		318,021		156,484		161,537		318,021		151,496		166,525
Non-compete agreements		5,154		5,086		68		5,154		5,074		80
Distributor relationships		4,123		3,482		641		4,123		3,398		725
Distributor routes held and used		2,684		698		1,986		2,548		537		2,011
Total	$	807,097	$	248,378	$	558,719	$	806,961	$	238,629	$	568,332

Aggregate amortization expense for the sixteen weeks ended April 23, 2022 and April 24, 2021 was as follows (amounts in thousands):


	Amortization Expense
For the sixteen weeks ended April 23, 2022	$	9,749
For the sixteen weeks ended April 24, 2021	$	9,243

Estimated amortization of intangibles for each of the next five years is as follows (amounts in thousands):


	Amortization of Intangibles
Remainder of 2022	$	21,808
2023	$	30,681
2024	$	29,986
2025	$	29,271
2026	$	27,190

The company acquired trademarks for $10.2 million during the second quarter of Fiscal 2021. These trademarks are being amortized over their estimated useful life.

There were $127.1 million of indefinite-lived intangible trademark assets separately identified from goodwill at April 23, 2022 and January 1, 2022. These trademarks are classified as indefinite-lived because we believe they are well established brands with a long history and well-defined markets. We believe these factors support an indefinite-life. We perform an annual impairment analysis, or on an interim basis if the facts and circumstances change, to determine if the trademarks are realizing their expected economic benefits.